India: BigMint's billet index dips d-o-d but demand improves - 26 Aug

• Finished steel demand picks up slightly
  
  
• Sponge iron tags fall, buying improves
  
  

BigMint's billet index dropped marginally by INR 50/tonne (t) to INR 37,000/t exw-Raipur on 26 August 2025, but bookingsimproved amid market volatility.

Prices fluctuated throughout the day. Gradually, demand improved, resulting in a surge in bookings at varied prices. A slight recovery in the finished steel segment was also noted.

Market dynamics

• Finished steel: Price trends stayed mixed despite a slight improvement. Rebar prices dipped INR 200/t, while wire rods gained INR 100/t on better buying interest.
  
  
• Sponge iron: Prices in Raipur slipped by INR 100/t, though a greater volume (d-o-d) was booked at varied prices.
  
  

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,700/t.

Rationale

This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.

• Transactions (T1) - Six trades at INR 36,800-37,000/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 36,970/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Eight offers were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 37,000/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 36,985/t exw-Raipur, rounded off to INR 37,000/t exw.

Click here for detailed methodology